Show CHANGE BUSINESS ON BETTER BASIS Several Failures to Result in More Close Enforce Enforcement Enforcement Enforcement ment of Rules That the three recent failures of mem niem members members bers bera of the Salt Lake Lako Stock Mining ex exchange exchange change will result in clearing the atmos atmosphere atmosphere atmosphere phere as It were and placing the tha busi business business business ness of the exchange upon a better basis basta than has obtained for some time is the belief of at members who yester yesterday yesterday yesterday day expressed themselves th selves upon the sub subject subJect At a meeting of ot the membership com coin committee cot of at the exchange held yesterday afternoon a call was made for every member to render a statement of his financial condition This Tha was done not because there is apprehension that there ere others whose situation Is shaky but buta 5 a a means of ot reestablishing and main maln maintaining confidence a The membership committee of the board of ot governors has the right to require any member to make a II financial statement at any time and it is s now recognized that the calling for such auth statements from all aU members at not Infrequent Intervals would be ba an excellent procedure and it will probably be carried out As a matter of fact said one prom prominent nent ment member yesterday the exchange a an organization has all the rules and provisions required for tor protecting mem members members bers and the public from Just such fail tall as we have had lately It Is only t In enforcing the rules that has mal nia losses possible For Fot example every ember has the right to demand the cash DT r a 8 certified check before he delivers stock tack which has hall ha been sold And when a aller aneller neller ller or cr r buyer is executed the tha stock and 30 10 O per cent of ot Its total value must be e deposited It is failure to strictly Enforce such rules which leads to trouble Seller SeVer Privilege Abused Some Somo brokers favor abolishing the sell ter r and buyer privileges so called caned but abolishing them has been tried triad hereto Sore are without satisfactory results There Jare xe e ways of ot evading such prohibition and las long as stocks are dealt in futures Will twill 11 to some extent be a feature f aturo of ot the tho trading It Is la abuse of ot the privilege thIch results In evil With enforcement tor r f the rules rulea we wo have the abuse would be eliminated In lit times of depression the seller privilege privIlege lege especially acts as a safety valve Anyone who has closely watched the ac action ZIon tion of ot the market will wilt have noticed that Slumps are always arrested by brokers covering their shorts long before It would be e done by public buying This was par particularly noticeable ble In the recent declines of the Had it not been for the short whort Interests there Is no question that Colorado and Iron Blossom for example rould have havo gone much lower than they did Jd Trouble was caused by many of ot the brokers rokers continuing to short while the Steady teady advance adrance has been under way It will be not rl rt that the brokers are the Vie ones who g at this time timet Jt It t Is not the i i t e The public or a portion of It wa wt Caught aught In buyers when prices were going down I do not believe that futures should be abolished but 1 flo Io contend that every broker brokel who cares tor for his own reputation or for the welfare of his customers will discourage the reck reckless reckless reckless less use of those and I hold that the exchange rules governing them should be strictly enforced With that done our exchange business will be upon a 0 sound footing and there will wilt be a steady Increase of public trading |